Why did Meta Platforms shares fall almost 7%? It's the economy, and the company

Meta Platforms (NASDAQ:META) shares fell almost 7% Tuesday as the Facebook parent got swept up in broad market losses brought on by concerns about the economy ahead of next week's Federal Reserve meeting.

Investors remained concerned about the economy and steps the Fed might take to combat inflation. Fears have grown about the potential for interest rates to rise in an effort to cool down the economy.

Facebook also threatened to pull news content from its platform if the U.S. Congress passes a bill aimed at evening out the playing field between news organizations that post their content on social-media platforms. The bill, called the Journalism Competition and Preservation Act, is favored by smaller publishers on the grounds that it would help them get a bigger piece of online advertising dollars.

Separately, the European Union declared that users of Facebook and Instagram shouldn't have to agree to being served personalized ads based on their online activity. The ruling was seen as potentially limiting the data Meta can use to sell advertisements.

In November, Meta (META) said it was pulling back from some of its expansion plans in New York as part of a company effort to cut expenses.